Turkey's exports hit $50B in Q1

Turkey's exports increased 17.2% on an annual basis to reach $50 billion in the first quarter of 2021, the country's statistical authority said on Friday.

Imports during the January to March period were up 9.6% to reach $61.2 billion, leaving the foreign trade deficit at $11.4 billion, marking a fall of 15.2%, according to the Turkish Statistical Institute (TurkStat).

The export-import coverage ratio was 81.9% in the first quarter of 2021, up from 76.6% during the same period last year.

In March, exports soared 42.2% on a yearly basis to reach $19 billion, while imports were up 25.6% to reach $24 billion.

The trade deficit in March stood at $4.6 billion, narrowing 14.9% on an annual basis.

The export-import coverage ratio in the month was 80.3%, while it was 70.9% in March 2020.